This script is a technical analysis tool designed for the MetaTrader platform to help traders identify specific momentum trends and price movements by analyzing historical price data. It works by calculating a "Typical Price" for each candle—an average derived from the high, low, and closing prices—and then scanning for specific patterns across consecutive periods.
The logic functions through three primary components:
1. The Baseline Trend Line
The indicator creates a continuous line on your chart based on the Typical Price of the current market movement. This serves as the visual foundation, helping you see the general flow of the price regardless of the erratic "wicks" or extremes of individual candles.
2. Momentum and Gap Detection
The script monitors the speed and distance of price changes over a three-period window. It is specifically looking for a significant "Gap."
- Large Move Detection: If the total price movement over these three periods exceeds a specific threshold (defined by the user), the tool places a dot on the chart.
- Purpose: This helps highlight moments where the market is moving with significant force or "jumping" quickly in one direction, rather than drifting slowly.
3. Trend Directional Signals
Beyond just measuring speed, the script looks for consistent, sequential movements over a six-period window to confirm a trend. It identifies two distinct types of movement:
- Upward Momentum (Long): If the Typical Price shows a consistent "run-up" where each of the last six periods is higher than the one before it, the script triggers a specific visual signal (a white arrow). This suggests a sustained bullish trend.
- Downward Momentum (Short): Conversely, if the Typical Price shows a consistent "run-down" where each of the last six periods is lower than the one before it, the script triggers a different visual signal (a red arrow). This suggests a sustained bearish trend.
Summary for the User
In simple terms, this tool filters out the market noise to show you three things simultaneously:
- The average path of the price (the line).
- Significant jumps in price movement (the dots).
- Confirmed trends where the price has moved consistently in one direction for at least six consecutive steps (the arrows).
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test_5typ_up
/*-----------------------------+
| |
| Shared by www.Aptrafx.com |
| |
+------------------------------*/
//+------------------------------------------------------------------+
//| test.mq4 |
//+------------------------------------------------------------------+
#property copyright "Ron T"
#property link "http://www.lightpatch.com"
#property indicator_chart_window
#property indicator_buffers 4
#property indicator_color1 Red
#property indicator_color2 White
#property indicator_color3 DeepSkyBlue
#property indicator_color4 White
//---- buffers
double ExtMapBuffer1[];
double ExtMapBuffer2[];
double ExtMapBuffer3[];
double ExtMapBuffer4[];
// User Input
extern double Gap_Size=0.0030;
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//|------------------------------------------------------------------|
int init()
{
SetIndexStyle(0,DRAW_ARROW);
SetIndexBuffer(0, ExtMapBuffer1);
SetIndexArrow(0,234); //down red
SetIndexStyle(1,DRAW_ARROW);
SetIndexBuffer(1, ExtMapBuffer2);
SetIndexArrow(1,233); //up white
SetIndexStyle(2,DRAW_LINE);
SetIndexBuffer(2, ExtMapBuffer3);
//SetIndexArrow(2,224);
SetIndexStyle(3,DRAW_ARROW);
SetIndexBuffer(3, ExtMapBuffer4);
SetIndexArrow(3,168); //dot
return(0);
}
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
int i;
for( i=0; i<Bars; i++ ) ExtMapBuffer1[i]=0;
for( i=0; i<Bars; i++ ) ExtMapBuffer2[i]=0;
for( i=0; i<Bars; i++ ) ExtMapBuffer3[i]=0;
for( i=0; i<Bars; i++ ) ExtMapBuffer4[i]=0;
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
double oTYP0=0, oTYP1=0, oTYP2=0, oTYP3=0, oTYP4=0, oTYP5=0;
int pos=Bars;
while(pos>=0)
{
// six-period typical
oTYP0=(High[pos+0]+Low[pos+0]+Close[pos+0])/3;
oTYP1=(High[pos+1]+Low[pos+1]+Close[pos+1])/3;
oTYP2=(High[pos+2]+Low[pos+2]+Close[pos+2])/3;
oTYP3=(High[pos+3]+Low[pos+3]+Close[pos+3])/3;
oTYP4=(High[pos+4]+Low[pos+4]+Close[pos+4])/3;
oTYP5=(High[pos+5]+Low[pos+5]+Close[pos+5])/3;
ExtMapBuffer3[pos]=oTYP0;
// +++++++++++++++++++++ LONG
//three-period ten-pip gap
if ( (oTYP3-oTYP2)+(oTYP2-oTYP1)+(oTYP1-oTYP0) >= Gap_Size )
{
ExtMapBuffer4[pos]=oTYP0;
}
// six-period run-up
if(oTYP5 > oTYP4 && oTYP4 > oTYP3 && oTYP3 > oTYP2 && oTYP2 > oTYP1 && oTYP1 > oTYP0)
{
ExtMapBuffer1[pos]=oTYP0+0.0015; //up white
ExtMapBuffer2[pos]=0;
//ExtMapBuffer4[pos+5]=oTYP5;
//ExtMapBuffer4[pos+4]=oTYP4;
//ExtMapBuffer4[pos+3]=oTYP3;
//ExtMapBuffer4[pos+2]=oTYP2;
//ExtMapBuffer4[pos+1]=oTYP1;
//ExtMapBuffer4[pos+0]=oTYP0;
}
// +++++++++++++++++++++ SHORT
//three-period ten-pip gap
if ( (oTYP3-oTYP2)+(oTYP2-oTYP1)+(oTYP1-oTYP0) <= Gap_Size*(-1) )
{
ExtMapBuffer4[pos]=oTYP0;
}
if(
oTYP5 < oTYP4 &&
oTYP4 < oTYP3 &&
oTYP3 < oTYP2 &&
oTYP2 < oTYP1 &&
oTYP1 < oTYP0
)
{
// six-period run-down
ExtMapBuffer1[pos]=0;
ExtMapBuffer2[pos]=oTYP0-0.0015; //down red
// five-period run-down
//ExtMapBuffer4[pos+5]=oTYP5;
//ExtMapBuffer4[pos+4]=oTYP4;
//ExtMapBuffer4[pos+3]=oTYP3;
//ExtMapBuffer4[pos+2]=oTYP2;
//ExtMapBuffer4[pos+1]=oTYP1;
//ExtMapBuffer4[pos+0]=oTYP0;
}
pos--;
}
return(0);
}
//+------------------------------------------------------------------+
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